Anchorage Chambers Ltd - Filleted accounts

Registered number

09164704

Anchorage Chambers Ltd

Filleted Accounts

31 March 2025

Anchorage Chambers Ltd
Registered number:		09164704
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		5,526			8,290

Current assets
Debtors	4	5,636,675			5,245,570
Cash at bank and in hand		108,049			51,180
		5,744,724			5,296,750

Creditors: amounts falling due within one year	5	(838,390)			(429,983)

Net current assets			4,906,334			4,866,767

Total assets less current liabilities			4,911,860			4,875,057

Creditors: amounts falling due after more than one year	6		(4,586,659)			(4,574,135)



Net assets			325,201			300,922

Capital and reserves
Called up share capital			2			2
Profit and loss account			325,199			300,920

Shareholders' funds			325,201			300,922

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr Farhad Naqvi
Director
Approved by the board on 27 May 2025

Anchorage Chambers Ltd
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Fixtures, fittings, tools and equipment	over 5 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		72		60


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 April 2024				15,050
	At 31 March 2025				15,050

	Depreciation
	At 1 April 2024				6,760
	Charge for the year				2,764
	At 31 March 2025				9,524

	Net book value
	At 31 March 2025				5,526
	At 31 March 2024				8,290


4	Debtors		2025		2024
£				£

	Trade debtors		162,686		150,533
	Other debtors		169,575		285,189
	Prepayments		5,304,414		4,809,848
			5,636,675		5,245,570

	Prepayment relates to the referral cost paid to buy cases during the current year whereas income from the cases bought is expected in next 3 to 5 years. Therefore each year for next 3 to 5 years depending upon the length of the income expectancy from each case, cost of prepayment will be written off in profit and loss account as a referral cost.


5	Creditors: amounts falling due within one year		2025		2024
£				£

	Bank loans and overdrafts		60,769		66,187
	Trade creditors		-		20,256
	Accruals		4,232		36,732
	Other creditors		773,389		306,808
			838,390		429,983


6	Creditors: amounts falling due after one year		2025		2024
£				£

	Bank loans		4,509,659		4,513,103
	Other loans		77,000		61,032
			4,586,659		4,574,135


7	Related party transactions

	The company owed £606,587 (last year - £60,449) to the directors at the year end. Loan from the director is interest free and repayable on demand.


8	Controlling party

	The company is controlled by Mr Farhad Naqvi by virtue of 100% share holding and the directorship.


9	Other information

	Anchorage Chambers Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	252 The Quays
	Salford
	M50 3SD


9.1	Contingent asset

	The company has a contingent asset in relation to fees receivable under existing IVA contracts. These fees are currently valued at £24,594,766 (last year - £16,707,279) by the director with a net realisable value of £13,527,121 (last year - £8,520,712) as at 31 March 2025. The value of these fees is not recognised in those accounts.